Morgan Stanley

The Boots Group

Lead financial advisor to Wittington; Morgan Stanley Senior Funding lead arranger of the acquisition financing · Retail & Pharmacy

Buyer Wittington Investments, Limited (with Fairfax Financial Holdings Ltd.) · Seller Sycamore Partners, in partnership with Stefano Pessina and family

Wittington Investments agreed to acquire the 1,800-store British pharmacy chain Boots from Sycamore Partners and the Pessina family for about US$8.9 billion including assumed debt, with Fairfax Financial partnering on the purchase and Wittington holding operational control. Expected to close in the first quarter of 2027.

Fortis Inc. US$1 billion fixed-to-fixed rate junior subordinated notes due 2057

Joint bookrunner · Utilities

Fortis priced two US$500 million tranches of hybrid junior subordinated notes (6.625% and 6.875%, both due 2057) to repay maturing debt and for general corporate purposes.

Bank of Montreal AT1 Limited Recourse Capital Notes, Series 7

Joint Bookrunner · Financial Services / Banks

Seller Bank of Montreal

BMO priced US$1 billion of 7.375% NVCC AT1 Limited Recourse Capital Notes. Morgan Stanley & Co. LLC was one of six joint book-running managers.

Westcoast pipeline system (29% indirect interest via new joint venture)

Lead advisor to Enbridge (Morgan Stanley Canada Limited; TD Securities co-advisor) · Energy / Midstream

Buyer KKR, in collaboration with Apollo · Seller Enbridge Inc.

KKR and Apollo agreed to invest about C$2.7 billion to fund Enbridge's Aspen Point and Sunrise expansions of the Westcoast gas pipeline in B.C., including C$0.7 billion of cash to Enbridge at closing, for a cumulative 29% interest.

Lumina Metals Corp.

Co-lead underwriter and joint bookrunner · Mining

Lumina Metals closed an upsized TSX initial public offering and secondary offering at $12.50 per share for total gross proceeds of about $406 million.

Bell Partners Inc.

Exclusive financial advisor to Bell Partners · Real Estate Investment Management

Buyer BGO (Sun Life)

Sun Life's BGO agreed to combine with U.S. multifamily investor Bell Partners, creating a real estate manager with more than $100 billion of AUM.

Foran Mining Corporation

Financial advisor to Target (with National Bank Capital Markets and Mills Dunlop) · Mining / Gold and Copper

Buyer Eldorado Gold Corporation

Eldorado Gold agreed to acquire Foran Mining, owner of the McIlvenna Bay copper project in Saskatchewan, in a deal implying an equity value for Foran of about C$3.8 billion.

Royal Bank of Canada AT1 Limited Recourse Capital Notes, Series 8

Joint Bookrunner · Financial Services / Banks

Seller Royal Bank of Canada

RBC offered US$1.0 billion of 6.50% NVCC AT1 Limited Recourse Capital Notes. Morgan Stanley & Co. LLC was a joint book-running manager.

Invesco Canada fund management agreements

Financial advisor to Invesco · Asset Management

Buyer CI Global Asset Management · Seller Invesco Ltd.

CI GAM agreed to acquire the management agreements for Invesco's Canadian fund business, about C$26 billion of AUM, and form a long-term sub-advisory partnership with Invesco.

NuVista Energy Ltd.

Financial advisor to Ovintiv · Oil & Gas

Buyer Ovintiv Inc.

Ovintiv agreed to acquire NuVista in a cash-and-stock deal at a blended price of about C$17.80 per share, total consideration of about C$3.8 billion (US$2.7 billion) including net debt.

Husky Technologies Limited

Financial advisor to CompoSecure · Industrial Equipment

Buyer CompoSecure, Inc. · Seller Platinum Equity

CompoSecure agreed to combine with Platinum Equity-owned Husky Technologies at an enterprise value of about US$5 billion, funded by a ~US$2 billion private placement and a ~US$1 billion Platinum rollover.

Hanesbrands Inc.

Financial advisor to Gildan (affiliate also provided committed financing) · Apparel

Buyer Gildan Activewear Inc.

Gildan agreed to acquire HanesBrands in a cash-and-stock deal implying an equity value of about US$2.2 billion and an enterprise value of about US$4.4 billion.

Livingston International

Financial advisor to Livingston · Transportation & Logistics

Buyer Purolator · Seller Platinum Equity

Purolator acquired customs broker Livingston International from Platinum Equity, with a bank-financed acquisition facility.

Paramount Resources Ltd. (Karr and Wapiti Montney assets)

Financial advisor to Ovintiv on the Montney acquisition · Oil & Gas (E&P)

Buyer Ovintiv Inc. · Seller Paramount Resources Ltd.

Paramount Resources agreed to sell its Karr and Wapiti Montney assets in Alberta to Ovintiv for about C$3.325 billion in cash (US$2.377 billion).

Thacker Pass project (38% asset-level interest)

Financial advisor to GM · Mining (lithium)

Buyer General Motors · Seller Lithium Americas Corp.

General Motors agreed to acquire a 38% asset-level stake in Lithium Americas' Thacker Pass lithium project in Nevada through a joint venture, contributing US$625 million in cash and letters of credit.

NOVA Chemicals Corporation

Joint bookrunner · Chemicals

NOVA Chemicals priced a private offering of $650 million of 9% senior unsecured notes due 2030 to refinance its 2024 notes, alongside a tender offer.

Tricon Residential Inc.

Financial advisor to Tricon · Real Estate

Buyer Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust (BREIT)

Blackstone agreed to acquire all Tricon common shares it did not already own for US$11.25 per share in cash by plan of arrangement, a roughly US$3.5 billion equity transaction value; BREIT kept its ~11% stake.

Pagero Group AB

Financial adviser to Thomson Reuters · Software (e-invoicing)

Buyer Thomson Reuters Corporation

Thomson Reuters launched a recommended cash offer of SEK 40 per share for Swedish e-invoicing company Pagero, valuing all shares at about SEK 6.4 billion.

East Ohio Gas, Questar Gas and Public Service Company of North Carolina (Dominion Energy gas utilities)

Co-lead financial advisor to Enbridge · Utilities

Buyer Enbridge Inc. · Seller Dominion Energy, Inc.

Enbridge agreed to buy three U.S. natural gas utilities from Dominion Energy for an aggregate US$14.0 billion including assumed debt, creating the largest gas utility platform in North America.

IMAX China Holding, Inc. (shares not owned by IMAX)

Financial advisor to IMAX Corporation · Media & Entertainment

Buyer IMAX Corporation

IMAX proposed to acquire the remaining publicly held shares of its Hong Kong-listed subsidiary IMAX China for about HK$10 per share, roughly US$124 million.

Duke Energy Commercial Renewables (utility-scale business)

Financial advisor to Duke Energy · Power & Renewables

Buyer Brookfield Renewable · Seller Duke Energy Corporation

Duke Energy agreed to sell its unregulated utility-scale Commercial Renewables business to Brookfield Renewable at an enterprise value of about US$2.8 billion including tax equity and assumed debt.

Putnam Investments

Financial advisor to Lifeco and Putnam · Asset Management

Buyer Franklin Resources, Inc. (Franklin Templeton) · Seller Great-West Lifeco Inc.

Great-West Lifeco agreed to sell Putnam Investments to Franklin Templeton for upfront consideration of US$950 million to US$1.0 billion; total potential consideration and retained value was estimated at US$1.7-1.8 billion.

AIR MILES Reward Program business (LoyaltyOne)

Financial advisor to BMO · Financial Services / Loyalty

Buyer Bank of Montreal · Seller Loyalty Ventures Inc. / LoyaltyOne, Co.

BMO confirmed an agreement to acquire LoyaltyOne's AIR MILES Reward Program business, sold alongside the seller's restructuring proceedings.

Lithium Americas Corp.

Financial advisor to GM · Mining / Lithium

Buyer General Motors Co. (equity investment)

General Motors agreed to make a US$650 million equity investment in Lithium Americas to support the Thacker Pass lithium project.

Magnet Forensics Inc.

Exclusive financial advisor to the special committee; fairness opinion · Technology / Software

Buyer Thoma Bravo (Morpheus Purchaser Inc.)

Thoma Bravo agreed to take Magnet Forensics private for C$44.25 per share, an aggregate equity value of about C$1.8 billion, with founders rolling part of their stake.